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Which Taxes Will Rise?

PG Owen's Ian Gillard examines potential tax changes:

The Chancellor has promised not to touch the "big 3" taxes: income tax, national insurance, and VAT.

This leaves corporation tax, capital gains tax, inheritance tax, and stamp duty as areas for possible increases.

Corporation Tax:

- Changes would not apply until FY2025.

Currently:
- 19% for profits up to £50,000
- 26.5% for the next £200,000
- 25% for profits above £250,000

Possible changes:
- Raising the lower rate to 20% or 21%
- Reducing the taper threshold to £200,000 or £150,000
- Increasing the full rate

Companies are taxed based on their year-end straddling financial years. Thus, any increase would be phased in over time and wouldn't impact government revenue immediately.

Capital Taxes:

- Changes in rates and reliefs for capital gains tax, inheritance tax, and stamp duty could provide more immediate income.

Further analysis will be provided in future editions of Vision which you can sign up to here ➡️ https://bit.ly/pgowennewsletter

PG VISION - 2 AUGUST - https://mailchi.mp/pgtax/pg-vision-2-august

Who didn’t see this coming? 🤔

Rachel Reeves: We'll have to increase taxes in the Budget The chancellor says she will have to raise money through tax after claims of a £22bn hole in the public purse.

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The recent King's speech was the longest speech in over 20 years with 39 Bills to pass in the next Parliamentary session. Among the Bills that will affect business owners is the Employment Rights Bill. We take a look in more detail at what this means for business

Employment Rights Bill: A New Era for Workers | PG Owen Wednesday 17th July 2024 saw the first King’s Speech of the new Labour Government. It was the longest speech in over 20 years.

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Are you familiar with the new company size thresholds which come into effect from October 24?

New company size thresholds | PG Tax Expert help & advice Following consultation, the Government has announced increased limits for company size thresholds. The aim is to be law by the summer.

Inheritance tax explained…

https://pgtax.co.uk/inheritance-tax

PG VISION - 5 JULY - https://mailchi.mp/pgtax/pg-vision-5-july

After the drama of the last 24 hours the nation awoke to a Labour government. As we start to ponder what that might mean, it raises many questions and concerns perhaps.

Apart from more sound bites over the next couple of weeks, we are unlikely to get any real idea of the new Government’s tax plans until September, as following six weeks of racing around the country, all the new MPs will now go on their summer breaks!

If you are seeking a spot of light relief, and a break from politics this weekend, the team will be at the Annual Boules competition in Queen Square, Bath. Please feel free to drop by for a chat, barracking will be encouraged!

With the general election looming and less than 48 hours until we know which way the general public will vote, you may be questioning what a change of government (if that is indeed the case) will mean for your business.

At PG Owen, we are here to help you with all of your accountancy requirements and are on hand to offer help, support and advice when you need it.

Discover more about what we do. Click https://bit.ly/3XNREjq to visit our website.

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